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Wall Street Rebounds on Thursday

U.S. stocks were in the green on Thursday as investors are anticipating a rate cut from the Federal Reserve later this month. The Dow Jones Industrial Average gained 0.33% to 26,171, the S&P 500 index rose 0.66% to 2,906 and the Nasdaq Composite Index advanced 1.01% to 7,863.

Shares of Bed Bath & Beyond Inc. (NASDAQ:BBBY) gained nearly 3% on Thursday after announcing second-quarter results. The company posted earnings of 34 cents per share on revenue of $2.72 billion. It beat earnings estimates,but fell $40 million short of revenue expectations.

Net sales fell more than 7% due to comparable sales decline of 6.7% on the back of lower store transactions. The gross profit declined almost 7% to $920.7 million, while the gross profit margin rose 20 basis points to 33.9%.

The company ended the quarter with cash and investments of $983.9 million, which reflects an increase of 13% from the same quarter a year ago. Moreover, the board of directors declared a quarterly dividend of 17 cents per share. It also repurchased approximately $16.5 million worth of its common stock.

Looking ahead to full-year 2019, the company expects net sales to be approximately $11.4 billion. It also projects net earnings per diluted share to be in the range of $2.08 to $2.13.

During the quarter ended June 30, Ray Dalio (Trades, Portfolio) more than doubled his staketo 3,660,071 shares.Chuck Royce (Trades, Portfolio) reduced his holding by 28% to 137,105 shares and Jim Simons (Trades, Portfolio) curbed his position by 15% to 4,446,560 shares. Philippe Laffont sold out of the stock.